Sources told Business Recorder here on Monday that the FBR has provisionally collected nearly Rs 865 billion during July-February (up to February 26) 2010-11 against Rs 787.013 billion amassed in the same period of last fiscal - an increase of 9.9 percent.
On average, the FBR has to collect approximately Rs 184.75 billion more per month afterwards to achieve the revised target of Rs 1604 billion set for the ongoing fiscal year. About 20 percent growth is required to meet the target of Rs 1604 billion for 2010-11 against the actual collection of Rs 1,327 billion in 2009-10.
According to the provisional FBR revenue collection data compiled here Monday, direct tax collection stood at Rs 304.92 billion during this period of current fiscal year as compared to Rs 290.007 billion in the same period last fiscal year, showing an increase of 5.1 percent. The collection of domestic taxes amounted to Rs 758.606 billion during July-February (upto February 26) 2010-11 against Rs 691.612 billion, reflecting an increase of 9.7 percent.
The monthly collection of February 2011 (upto February 26) stood at Rs 94.93 billion against the target of Rs 130 billion. The FBR has to collect over Rs 36 billion to meet the target of Rs 130 billion after compilation of final figures of February 2011, which seemed to be an uphill task. In January 2011, the total collection stood at Rs 103.168 billion.
The performance of the FBR during the first 26 days of February shows that the Board has provisionally collected Rs 27.189 billion as direct taxes against the target of Rs 47 billion for February 2011. The collection of sales tax was Rs 47.109 billion against the target of Rs 56 billion. The monthly collection of FED was Rs 8.678 billion against the target of Rs 11 billion and collection of customs duty was Rs 11.956 billion in February 2011 against the target of Rs 16 billion.
Breakup of revenue collection revealed that the sales tax collection was Rs 376.291 billion during July-February (upto February 26) 2010-11 against Rs 326.566 billion during the same period last fiscal year, showing a growth of 15.2 percent. The sales tax collection at the import stage was Rs 186.769 billion against Rs 149.383 billion whereas sales tax collection on domestic consumption was Rs 189.522 billion as compared to Rs 177.184 billion in the same period last fiscal year.
The provisional data further revealed that the collection of federal excise duty (FED) was Rs 77.389 billion during July-February (upto February 26) 2010-11 against Rs 75.040 billion during the corresponding period of last fiscal, reflecting an increase of 3.1 percent. The collection of customs duty was Rs 106.393 billion during July-February (upto February 26) 2010-11 against Rs 95.400 billion in the same period last fiscal year, reflecting an increase of 11.5 percent. The data further showed that the FBR paid refund and rebate of Rs 64.853 billion during July-February (upto February 26) 2010-11 against Rs 48.586 billion during the same period last fiscal year, showing an improvement of 33.5 percent.